FHA Condo Guidelines Lack Transparency, Says Group
August 12, 2011
New FHA guidelines for the condominium insurance program could potentially exclude financially sound condo associations from the FHA program, warned an advocacy group for condominium communities. The apparent lack of transparency has raised concerns about the criteria FHA used in developing guidelines for the condo program and new provisions in a mortgagee letter issued by the Department of Housing and Urban Development in June, according to the Community Associations Institute. The CAI said the FHA continued to create unnecessary obstacles for qualified condo buyers by developing requirements without prior notice or...